A new study suggests that under pressure from debt markets, the eurozone as a whole is turning into a much more balanced and potentially more dynamic economy.
The three-year-old sovereign debt crisis, has forced Athens, as well as Ireland, Portugal, Spain and Italy to embark on ambitious economic reforms to win back market confidence.
The Brussels-based Lisbon Council think-tank report, said Greece was now the leader in economic reforms towards healthy economic fundamentals, followed by Ireland, Estonia, Spain and Portugal.
Greece, Ireland, Portugal and Spain have all applied for eurozone loans to help them cope with the effects of the sovereign debt crisis.
The 2012 Euro Plus Monitor, showed that external imbalances, which were one of the reasons for the debt crisis, were diminishing and that wage pressures were converging rapidly within the eurozone.
Real unit labour costs were falling sharply in Greece, Ireland, Portugal and Spain. On the other hand, wage moderation, long seen as holding up internal German demand, has ended.
It said that while the euro and its governance structure still needed to be improved further, they were already providing an important framework in which countries can successfully reform themselves.
